People looking to be part of the first human colony on Mars may have to wait a while longer after Mars One placed the mission on hold for a few more years.

The British-Dutch company announced on Wednesday, Dec. 7, that it has moved the target date for the Mars colonization mission from 2026 to 2031. It has also delayed the launch of its unmanned mission to the red planet by four more years.

Mars One CEO Bas Lansdorp explained that the postponement was made to give the venture enough time to raise funds to cover the large expenses associated with such a mission.

The company is also in the process of being taken over by Swiss financial services firm InFin Innovative Finance AG, which bought Mars One for €87 million (about $94 million).

Mars One is currently made up of two entities: the Dutch non-profit group Mars One Foundation and the British for-profit company Mars One Ventures PLC.

Building Human Colonies On Mars

Mars One made headlines back in 2012 after announcing its plan to send people to the red planet with the intent to colonize it. The company will first send a robotic precursor mission to Mars to explore the planet before transporting the initial batch of human colonizers.

The venture has attracted some 200,000 people from 140 different countries eager to be sent to the red planet as its pioneering colonizers. However, the number has since been trimmed down to 100.

From the remaining group of hopefuls, Mars One will handpick 24 individuals who will be part of the seven-month journey.

The participants will be sent to Mars in six groups made up of four individuals each. They are expected to extract water, produce food and generate their own oxygen supply once they reach the red planet.

The 24 candidates will also have to build their own permanent settlement on the surface of Mars.

Mars One could very well become the first-ever Mars mission to feature human explorers. All of the NASA missions to the red planet so far have been unmanned probes.

The venture, however, has had its fair share of struggles over the years since its announcement. Mars One has shifted its timetable a few times in the past, which many believe could be a sign that the mission may not be feasible after all.

Lansdorp admitted that the venture has been slower to get off the ground than expected, but said the new strategy will help increase their chances of seeing it through.

"Of course the whole Mars One team would have preferred to be able to stick to the original schedule, but this new timeline significantly improves our odds of successfully achieving this mission road map," the Mars One chief said.

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